Legacy AGE thoughts

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Poboy's picture
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Joined: 2009-03-23

I'm a Legacy AGE guy that thought it was time to speak out about what I have been seeing with some of my colleagues and what has been written on this forum in regards to the AGE to Wach Merger.  We certainly have a lot to be frustrated with over the last year.  Not least of all this crappy market we have been going through.
 
My underlying thought is this: Change happens and it is not easy to make changes in the way we do business i.e. Smart Station, contact management/ no brokervision.  But weren't we compensated to sit in out chairs and deal with some BS?   Didn't we all have realistic expectations about what a conversion would mean?  Did we think smart station actually had Broker Vision and they forgot to tell us about it when the conversion took place?  Quit whining and do your damn job!
 
I guess I wanted to put another POV out there from a Legacy AGE.  I think Smart Station is better than Client One.  I never used BV except for the notes.  I used Outlook for appts and meetings.  Most of my AGE couterpartsthat I knew about did the same.  So why is everyone complaining about the contact management?  You can still do thes functions now.  Hell, we now even print out an envelope with the clients name on it!  Quit your whining!  Some of the tools on SS are way ahead of what we had at AGE.  The Portfolio Insight tool presents a much better report than Ontrack.  Adding NH accounts and making proposals are much more impressive then what we had. The fee based platform and using custom choice models are much more user friendly.  I have done a couple envision reports and my clients love them.  It wasn't easy to learn how to do them but I have been working every night to work to learn the system.  Envision is light years ahead of OTPP.  The bad part, is you need to learn how to use them, but wasn't this why we got paid to stay?????
 
I like how my clients with 250k don't have to pay an IRA fee or any acct fees. I like that I have a more complete choice of mutual funds and am closer to a true open architecture than AGE.  I like that after I pay my fixed cost each month I keep 50% of any business I do.  I like the ability of breaking down my business on FA Analysis.  Nothing like this at AGE.  We can finaly analyze our business.  I like the increase in SMA's and the abilty to discount my fee based business without getting scalped.  Hell,  I even think the format of the new statement is better!  I like I like how my clients can make deposits to there accounts at any bank or ATM.  I like the improvement in functionality of the remote access.  Call me nuts but the service request makes life easier once you figure it out.  Service at the home office is not as good as it use to be.  But I also thought there was a general decline even before wach came into the picture.  What I can tell is that most of the home office people are trying hard.  I just had an occasion where the person I talked to did not have an answer for my question.  It was the end of the day and I was not expecting a callback.  First thing the next morning someone from the department called me back and walked me through the process on Smart Station.  I have every confidence service will get better.
 
If you were Legacy AGE and left Wach, please acccept my Best Wishes.  It is rather pathetic to be spending so much time "selling" your decision to everyone else.  I also did my due dilligence when we were first bought.  Danny L. has made some mistakes and certainly screwed the pooch in regards to retention.  But as a Legacy AGE, I never did think we were particulary entitled to anything.  We had just been paid to sit in our seats and although it was sh*tty to go through Wachovia to Wells for our clients sake, moving to Wells will not create a disturbance to our business like learning smart station and having our clients get new checks from a now dead bank.  I must admit that sucked!
 
We have had one broker leave our office about 3 months ago.  He has taken about 40% of his book and hardly any of his clients are leaving anymore.  We have not tried hard to retain his clients.  I would imagine he is saying how awful Wach/Wells is to all his old clients trying to get them to come with him.  Apparently they don't give as big a sh*t as we may think.  I think he overestimated his relationships.  He actually sent an email out to his clients saying that Wachovia Securities brokers were "slapped in the face" when we didnt get retention and that was one of the reasons he left was beacuse he "knew" we would not get retention.  None of his clients seemed to be concerened about us not getting a retention.
 
In sumamary. Change sucks.  Get on with it or get going.  Please stop your whining like little Bit&%es
 
My apologies to any Legacy Wach.  Not all us AGE are asses.

shredder's picture
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Joined: 2007-06-04

Danny, is that you?? Danny?

clang's picture
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Joined: 2009-01-23

Poboy....you're living a dream. Congratulations! Dropping to your knees was probably unnecessary though.

Poboy's picture
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Joined: 2009-03-23

No, not Danny, just sick of the whining.
 
There are two post on the front page of this forum right now about WACH.  One about how Wach pockets the 12b1 fees.  How is this any different than AGE?  It isn't.
 
The second is about annuity payouts.  The story says that we are getting less in commision than before.  I personally have not seen any differnece, but I do know that we are getting paid 50% instead of 45%.  Those numbers make a diffenrece to me.
 
Again, quit bitching.  If you go, please stop trying to sell yourself on your decision.  Its pathetic.

BE PATIENT's picture
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Joined: 2009-01-16

I agree. Those that are still there will never leave, they are the ones that will bitch at AGE, Wachovia, Wells, or any other brokerage firm they work at. Easier to bitch than roll up your sleaves and get to work. I imagine those left cant leave because they are 200k producers nobody else wants

maddog's picture
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BE PATIENT wrote:I agree. Those that are still there will never leave, they are the ones that will bitch at AGE, Wachovia, Wells, or any other brokerage firm they work at. Easier to bitch than roll up your sleaves and get to work. I imagine those left cant leave because they are 200k producers nobody else wants[/quote]
 
BP,
 
Be careful on the assumptions.  I went through the Top Performers program 2 years ago and everyone from that class is still here.  Almost everyone from the class are now Premier Advisors.  Three of the guys I get advice from are $2mil plus producers. 
 
Again, as you know, the number of reps posting here is an extremely small population.
 
 

clang's picture
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Joined: 2009-01-23

BP...you are truly such a know it all. Do you have group pictures of yourself in your office. For close to 200 posts you pontificated about Retention claiming this and that, and when it was done, you knew the same as everybody. Squat. You made your move first, then turn and pour scorn on those that have yet to move. Your the kind of zero personality, love myself DBag that belongs in MS. Must be brutal to be within earshot of you all day. FK.

nestegg's picture
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Joined: 2007-06-14

Poboy wrote:No, not Danny, just sick of the whining.
 
There are two post on the front page of this forum right now about WACH.  One about how Wach pockets the 12b1 fees.  How is this any different than AGE?  It isn't.
 
The second is about annuity payouts.  The story says that we are getting less in commision than before.  I personally have not seen any differnece, but I do know that we are getting paid 50% instead of 45%.  Those numbers make a diffenrece to me.
 
Again, quit bitching.  If you go, please stop trying to sell yourself on your decision.  Its pathetic.Are you on a different pay scale than everyone? No one gets 50% payout anymore at WS...50% on everything over 10k...but that doesn't=50%

Poboy's picture
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Joined: 2009-03-23

Some how I manage to do over 10k a month.
Any additional goes 50:50. 
 
Your at Stifel, as somany of your post state.  Good for you.  Your making $500 more a month than me assuming our production is the same.  I doubt that is the case.

nestegg's picture
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Poboy wrote:Some how I manage to do over 10k a month.
Any additional goes 50:50. 
 
Your at Stifel, as somany of your post state.  Good for you.  Your making $500 more a month than me assuming our production is the same.  I doubt that is the case.Lets do the WS Payout math shall we.... 20k = 37%30k = 41%40k = 43.5%50k = 44.8% 60k = 45.7%I wont even get into the fact that no one actually gets that payout when you factor in  the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each levelTrust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.Every month there is likely several thosuand of production eaten away by fees and no pays. I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)

Poboy's picture
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Joined: 2009-03-23

Nest Egg
 
Were you even here for Smart Station rollout?  I have seen SF computer system and Wach is ahead of what you have.  My clients like the envision reports.  Stifel marketing material looks 2nd rate.  
 
I am sure you are pleased with your decision. Congrats.  But please stop pitching your firm so you feel more comfortable with your decision.  Its pathetic.
 
All I am saying is there are people that are Legacy AGE that realize AGE is gone and Wach/Wells is a good place to serve their clients.
 
 
 
 

skbroker's picture
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Poboy

How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it's wach policy. Probably wouldn't feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months.

kowachovia's picture
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Joined: 2008-12-16

I would be pissed but this kind of schitt happens everyday to me, but I get notification in daily activity, and an email, and as long as I respond that morning the check gets cleared. I will eat the $20 charge......maybe I shouldnt have to go through that, but schitt happens.
 
Thanks Poboy - many wachovia securities advisors have thought what you are saying.  I hope you find smarstation helps with business after going through the hassle. I have been on several other systems and its as robust as there is - imo.

Wheat-ie's picture
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skbroker wrote: Poboy

How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it's wach policy. Probably wouldn't feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months.

Or why don't you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm's fees...every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d'bags I've ever met...always have been.

Wheat-ie's picture
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Wheat-ie wrote: skbroker wrote: Poboy

How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it's wach policy. Probably wouldn't feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months.

Or why don't you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm's fees...every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d'bags I've ever met...always have been.

Not to mention, if your relationship is so bad with the client that he leaves for THAT...it sounds more like an excuse for him, anyway.

skbroker's picture
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Joined: 2007-06-16

wheatie
wow,  you are one f***ing retard. 

skbroker's picture
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Joined: 2007-06-16

do you really think that i  f***ing care about the $20.  its the f***ing non client centered so called business model that f***uvia is running that's pissing me off.  so many retards on this board 

maddog's picture
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Joined: 2006-11-22

 
Skbroker -
If your client, with $15mil account - generating $140,000 in '08 commissions - decides to leave because of a $20 'bounce check' fee - he must be one shallow jerk.  Oh wait - isn't this story about your own account

skbroker's picture
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yup   that client is a jerk but very good looking jerk

skbroker's picture
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Joined: 2007-06-16

oh ok   so you get a better response from a wachovia sec marketing material vs stifel?  that makes great sense. 

clang's picture
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Joined: 2009-01-23

Poboy....if you are so deliriously happy, why are you here ?Any why give Nestegg a hard time for talking about his firm, when you wrote a fking book describing your rapture ?And THEN finish off with a grovelling apology to the same firm that gutted yours.Take your sorry limp-d*ck a$$ home.

Hydeho's picture
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Joined: 2007-02-23

nestegg wrote:

Poboy wrote:Some how I manage to do over 10k a month.
Any additional goes 50:50. 
 
Your at Stifel, as somany of your post state.  Good for you.  Your making $500 more a month than me assuming our production is the same.  I doubt that is the case.Lets do the WS Payout math shall we.... 20k = 37%30k = 41%40k = 43.5%50k = 44.8% 60k = 45.7%I wont even get into the fact that no one actually gets that payout when you factor in  the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each levelTrust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.Every month there is likely several thosuand of production eaten away by fees and no pays. I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)Glad to see SF doesn't have any ticket charges......Oh wait but they do, but don't disclose them to you upfront just have them hidden in the grid.

HymanRoth's picture
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Wheat-ie wrote: skbroker wrote: Poboy

How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it's wach policy. Probably wouldn't feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months.

Or why don't you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm's fees...every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d'bags I've ever met...always have been.ribbit

Poboy's picture
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Joined: 2009-03-23

Concerning the 15 Million account that acated out.
 
TWO WORDs:  Personal Responsiblity
 
1) Its your clients responsibility to make sure there is enough in his account to write a check
 
2)  Its your responsiblity to make sure if there is a problem you catch it in time before the check gets rejected.
 
3)  If you can't catch it in time then its your job to smooth it over with your client.  Sorry Mr. Client, it was my mistake that I didn't catch it. It won't happen again.  Aren't you a salesman? 
 
I am glad everyone that has left is happy with their choices. 
 
I thought it was needed to provide another Point of View from a Legacy AGE and not sound like a whinny titty baby.

nestegg's picture
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Hydeho wrote: nestegg wrote: Poboy wrote:
Some how I manage to do over 10k a month.
Any additional goes 50:50. 
 
Your at Stifel, as somany of your post state.  Good for you.  Your making $500 more a month than me assuming our production is the same.  I doubt that is the case.Lets do the WS Payout math shall we.... 20k = 37%30k = 41%40k = 43.5%50k = 44.8% 60k = 45.7%I wont even get into the fact that no one actually gets that payout when you factor in  the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each levelTrust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.Every month there is likely several thosuand of production eaten away by fees and no pays. I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)Glad to see SF doesn't have any ticket charges......Oh wait but they do, but don't disclose them to you upfront just have them hidden in the grid.
Discount sharing just like the old AGe...only they are not hidden you can figure it out to teh penny before doing a trade...i will give up 2 or 5 bucks on a trade that is 200 bucks vs...a flat 10-15 on almost every trade at WS...and get paid on EVERYTHIGN over 40 vs everything over 95...oh yeah and get paid on every trail regardeless of size....

Poboy's picture
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Joined: 2009-03-23

How many 40-94.99 trades do you do a year?
Just wondering

tdude's picture
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Joined: 2009-02-03

poboy...great koolaid...stuff is giving u quite a buzz.Can u get me some. Lets see.

1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc...list goes on ad nauseum

One statement I agree with...since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.

skbroker's picture
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poboy
wow,   you sure sound like a teller at a wachovia.  you are just too dumb to comprehend the moral of the story.  one day it will all make sense.   

skbroker's picture
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let me guess and tell me if i m close.  3 year and 3 months in production and doing about   $230,000 and thinking you are a f***ing star.  by the way no one is moving from wach to stifel thinking that they'll make extra 500 month.  lol 

HymanRoth's picture
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Poboy wrote:Concerning the 15 Million account that acated out.
 
TWO WORDs:  Personal Responsiblity
 
1) Its your clients responsibility to make sure there is enough in his account to write a check
 
2)  Its your responsiblity to make sure if there is a problem you catch it in time before the check gets rejected.
 
3)  If you can't catch it in time then its your job to smooth it over with your client.  Sorry Mr. Client, it was my mistake that I didn't catch it. It won't happen again.  Aren't you a salesman? 
 
I am glad everyone that has left is happy with their choices. 
 
I thought it was needed to provide another Point of View from a Legacy AGE and not sound like a whinny titty baby.ribbit ribbit...it's feeling warm for some reason

nestegg's picture
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Joined: 2007-06-14

skbroker wrote:let me guess and tell me if i m close.  3 year and 3 months in production and doing about   $230,000 and thinking you are a f***ing star.  by the way no one is moving from wach to stifel thinking that they'll make extra 500 month.  lol 
Exactly!

Poboy's picture
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nestegg's picture
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Banks are awesome!

Gordon Gekko's picture
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Joined: 2007-07-08

I heard a long time AGE manager left today to start up a new Stifel office in the Carolinas. From my experience, AGE guys leaving WS should have little pushback from clients regarding moving. The few clients I wanted to move that didn't moved to different firms and didn't stick at whatever Wachovia Securities is called these days.

tdude's picture
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Gekko....any idea where in Carolina or who it was that left?

Apollo 13's picture
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Joined: 2009-02-27

Rumor has it that another old AGE branch in Spring Texas will be moving to Stifel very soon. Good Luck when the TRO's roll in.

nestegg's picture
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Three new offices at SF in the last week...Charlotte NC, Vero, FL and one other Can't remember where...we get announcements so frequently now of Wach/AGE people coming over to open new offices I have lost track lol!

nestegg's picture
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Apollo 13 wrote:Rumor has it that another old AGE branch in Spring Texas will be moving to Stifel very soon. Good Luck when the TRO's roll in.TRO's for ???You know how many offices have moved without issue...

Apollo 13's picture
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Joined: 2009-02-27

Have you ever heard of "RAIDING". Wachovia has to be careful about setting precedent.

soontobegone's picture
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Joined: 2009-02-21

tdude - He left the W/S - Wells/Fargo  in Charlotte, NC and is staying in/starting up (Stifel) in Charlotte, NC.  He was going to head up the one big office in Charlotte that was going to be three W/S offices combined into 1 - over 50 brokers.  Quit this morning, left with his partner and their assistant and went to the new Stifel office.  No one but the three of them. 
 

Apollo 13's picture
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Joined: 2009-02-27

I'm confused about him leaving in May. Do you mean May 2008?

soontobegone's picture
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Joined: 2009-02-21

No, the name changing to Wells Fargo in May - sorry.  That was confusing....sorry.  The "fact" that the brokers cannot officially use the name 'Wells Fargo Advisors' until May.  I apologize. 

Apollo 13's picture
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Wachovia has alot more clout, meaning attorneys. Be very careful.

soontobegone's picture
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Joined: 2009-02-21

Yes, they do....
 
but from what I hear, they did not do anything wrong.  I've heard Stifel is a good company, but I've heard a lot of other companies are, too...  I have no idea, yet, what we are going to do down here in Fl.

Wheat-ie's picture
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skbroker wrote: wheatie
wow,  you are one f***ing retard. 

It is so clear when you $400k FAs post like the "big man"...whenever questioned on your tiny little thinking (ie. whining about a $20 fee rather than just taking care of it), all you can do is resort to calling people names. Very predictable: you must share space w/Bpatient and hyman roth.

Apollo 13's picture
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Since when do attorneys care if you did anything wrong? Most are on retainer based on regions. All they want is their hourly fees.

soontobegone's picture
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Joined: 2009-02-21

Good point...sorry, again. 

Apollo 13's picture
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If you are leaving, just be sure that your departing firm can not claim the "Raiding" foul. As long as less then 25% of your branch production leaves to the same firm then you should be OK based on my contacts.

nestegg's picture
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Joined: 2007-06-14

soontobegone wrote:Yes, they do....
 
but from what I hear, they did not do anything wrong.  I've heard Stifel is a good company, but I've heard a lot of other companies are, too...Stevens?  And some other smaller companies.  I have no idea, yet, what we are going to do down here in Fl.What part of Fla?

skbroker's picture
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Joined: 2007-06-16

you must be poboy cousin.. do you think that i wrote that because I was pissed about $20?  if you did you are a f***in moron.  

Redpen's picture
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soontobegone wrote:Yes, they do....
 
but from what I hear, they did not do anything wrong.  I've heard Stifel is a good company, but I've heard a lot of other companies are, too...Stevens?  And some other smaller companies.  I have no idea, yet, what we are going to do down here in Fl.
 
If I lived in FL I would be at Ray Jay and why not Soon? This might be the easiest decision ever you make. i am interested in your response.

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